OPEN-SOURCE SCRIPT
My Wave
This is my implementation in TradingView of my modified version of the "Weis Wave".
Given the limitations of TradingView in alter past variable values, whenever the close change direction and the wave don't I sum the volume to the present wave and also to a possible future wave.
This results in columns of a mixed color within the columns of the histogram. By changing the percentage input you can and must keep this extra columns to a minimum.
You must insert two copies of the indicator on your chart and "unmerge down" one of them. On the overlayed you must * format and edit and unmark Histup and Histdown, on the unmerged down you must * format and edit and unmark BetaZigZag and stableZigZag.
You can also unmark Bar Color on both if you don't want to colour the bars according to the waves.
Trend: If the buying waves are longer than the selling waves the immediate trend is up, and vice versa.
Look out for a change in trend if in an uptrend the selling waves begin to increase in time and distance or the buying waves shorten, and vice versa.
From the volume histogram you can get the force of the buying and selling waves.
From the price waves you get the result of that force. You can also spot the "shortening of the thrust" up or down.
Comparing the two you can spot "effort without result" "ease of movement".
References: "Trades About To Happen" David H. Weis, Division 2 of the Richard D. Wyckoff Method of Trading in Stocks.
Given the limitations of TradingView in alter past variable values, whenever the close change direction and the wave don't I sum the volume to the present wave and also to a possible future wave.
This results in columns of a mixed color within the columns of the histogram. By changing the percentage input you can and must keep this extra columns to a minimum.
You must insert two copies of the indicator on your chart and "unmerge down" one of them. On the overlayed you must * format and edit and unmark Histup and Histdown, on the unmerged down you must * format and edit and unmark BetaZigZag and stableZigZag.
You can also unmark Bar Color on both if you don't want to colour the bars according to the waves.
Trend: If the buying waves are longer than the selling waves the immediate trend is up, and vice versa.
Look out for a change in trend if in an uptrend the selling waves begin to increase in time and distance or the buying waves shorten, and vice versa.
From the volume histogram you can get the force of the buying and selling waves.
From the price waves you get the result of that force. You can also spot the "shortening of the thrust" up or down.
Comparing the two you can spot "effort without result" "ease of movement".
References: "Trades About To Happen" David H. Weis, Division 2 of the Richard D. Wyckoff Method of Trading in Stocks.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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